Last Friday, the USDJPY began rising immediately after the opening of the Tokyo session, reaching a high of 153.37 around GMT 01:30.It then moved lower, while making lower highs and lower lows, touching a low of 152.14 around GMT 11:00. After bottoming at that level, it moved higher and trading for the week closed at 152.62 yen.

Today the USDJPY has been rising with repeated rebounds straight after the open, reaching a high of 153.46 around GMT 03:30.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:40 on November 11), it is trading above the middle line near the +2 standard deviation level, with the band width expanding. If it exceeds the November 7 high of 153.47, the upward trend is likely to continue toward 154.

(20-period Bollinger Band, showing ±1 and ±2 standard deviations)

Today, U.S. markets are closed, and no closely watched economic indicators are scheduled for release.